Earnings of the Baltic List companies

‰ The consolidated net profit of Eesti Uhispank group during the first six months of 2000 was 45.5 million kroons ($2.69 million), largely unchanged from the same period last year, but far below market expectations of 60-70 million kroons. The group's total assets as of the end of June stood at 15.28 billion kroons, Uhispank announced.

Uhispank group's total assets grew 10.2 percent during the first six months of this year, the 12-month growth from the end of June 1999 being 10.4 percent. During the second quarter of 2000 the group's total assets grew by 0.3 percent or 51 million kroons. The growth in the group's total assets in the second quarter was substantially influenced by repayment of external resources, the bank said.

‰ The Tallinn-based car seat belt and safety components maker Norma earned a profit of 84.3 million kroons in the first six months of 2000. Six-month net sales amounted to 295.7 million kroons, of which the parent company gave 248.2 million kroons. Norma's profit in the first half of this year was 17.2 million kroons greater than in January-June 1999. Norma attributed the growth to changes in Estonian income tax legislation. Pre-tax profit this year was six million kroons smaller than in the first half of 1999, as hedged currency risks this year did not show as much foreign currency gain as last year.

‰ Ventspils Nafta (VN) oil terminal's net profit in the first half of 2000 was 10.7 million lats ($17.7 million) on a net turnover of 26.1 million lats, VN spokeswoman Gundega Varpa said. VN profit in the first six months of this year exceeded the initial target figure by 2 million lats. However, net turnover in the first half of 2000 dropped by 1.1 million lats year-on-year and net profit dropped 2 million lats from the respective period in 1999. VN council chairman Mamerts Vaivads said that the company's performance in the first half of this year has been better than previous estimates by VN management.

At the same time, outside factors with negative effects on VN operations have become stronger this year as evidenced by reduced reloading totals and financial indicators year-on-year. From January to June 2000 VN reloaded 10.3 million tons of oil and oil products, down by 0.8 million tons from the same period previous year.

At the same time, semi-annual financial results of the oil terminal have exceeded estimates indicated earlier. VN revenues from commercial activities in the first half of 2000 was 28.5 million lats, up by 2.8 million lats from the target figure. Considering actual semi-annual results, VN council resolved to recommend at the shareholders meeting, to be held August 10, to approve a new target profit for 2000, at 13.9 million lats, instead of the initial target profit set at 11.5 million lats, and to raise the target annual turnover from 45.3 million lats to 49.7 million lats.

‰ Latvian gas utility Latvijas Gaze (LG) reached a net profit of 5.45 million lats in H1 on net turnover of 47.70 million lats, said Sandra Adamsone, company press secretary. Compared with the same period last year, LG profit in H1 increased by 0.44 million lats, with net turnover up by 7.9 million lats. In 1999 H1, LG net turnover was 39.80 million lats and the net profit totaled to 5.01 million lats.

In H1 this year, LG sold 713.5 million cubic metres of natural gas and 12,000 tons of liquefied gas. In H1 last year, LG sold 572.9 million cubic metres of natural gas and 12,950 tons of liquefied gas. Extensive work has been done recently in order to increase the number of small and medium sized customers, and the result has been an increased amount of gas sold, Adamsone said. Due to the cold winter in the first half year, the biggest LG customers, such as Latvian electricity utility Latvenergo and metallurgy company Liepajas Metalurgs, have consumed more gas than they had planned.